Sri Lanka foreign reserves at USD6.5bn by end July: Central Bank

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Aug 05, 2016 (LBO) – Sri Lanka’s official reserves were 6.48 billion US dollars at the end of July, up from 5.27 billion US dollars end of June, official Central Bank data showed.

Foreign currency reserves were 5.45 billion dollars, and reserves in Gold were 0.96 billion dollars.

Reserves were boosted by a dual-tranche sovereign bond offering last month of 500 million dollars through 5.5-year sovereign bonds and one billion dollars through 10-year sovereign bonds.

Official reserves have fallen from 8.2 billion dollars at the end of 2014, partly due to outflows from the government securities market tied to fiscal slippage.

The IMF expects reserves to climb to 7.8 billion dollars by end of 2016.